On Thursday, the Nigerian Consumer Credit Corporation (CREDICORP) revealed that 151 financial institutions, including microfinance banks, fintechs, and commercial banks, have enrolled in its consumer credit programme.
The financial institutions are defined by the Corporation as those that have finished their expressions of interest (EOI) within the last 30 days.
In a document accessed by BrandSpur’s national news brand desk, offering details on the EOI, CREDICORP stated that it will shortly identify the institutions that met the requirements for the scheme’s pilot phase, opening the door for the consumer loans to be disbursed.
The establishments Giving details on the financial organizations that have shown interest, CREDICORP stated that of the 151 lenders, 85 hold Central Bank of Nigeria (CBN) licenses, and the remaining 66 do not hold licenses from the top bank.
Continuing, eight of the 85 CBN-licensed institutions are National Microfinance Banks, six are Commercial Banks, and 22 are Finance Companies, which include leading fintechs. Twelve State Microfinance Banks, 34 Unit Microfinance Banks, and three Primary Mortgage Banks are among the others.
According to CREDICORP: “The 85 institutions that completed the EOI so far report over 1.5 million registered and served consumer credit customers on their books.
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“This EOI process serves as an organic survey to understand the consumer credit portfolios of the financial institutions, their regulatory compliance, and how the consumer credit sector can be best supported,” CREDICORP added.
Strategies for obtaining consumer credit
CREDICORP has announced a cooperation with the National Identity Management Commission (NIMC) to expedite the construction of credit ratings for all Nigerians with the National Identity Number (NIN) as part of efforts to perfect the consumer program.
This was recently revealed by CREDICORP, which stated that the agreement was signed earlier this week during a working session between its Managing Director, Engineer Uzoma Nwagba, and the Director General of NIMC, Engineer Bisoye Coker-Odusote.
CREDICORP claimed that to expedite the process, a task team comprising the two organizations has been formed to collaborate with credit registries, financial institutions, and regulators.
CREDICORP further stated: “The two organizations, having examined existing infrastructure, set up a task team to work closely with the regulators, financial institutions, and credit registries to accelerate consumer credit reporting and mainstream credit scores for Nigerians.”
What you ought to be aware of
On April 21, President Bola Tinubu declared that the Consumer Credit Scheme, a program aimed at providing credit facilities to the nation’s working population, would begin its first phase.
Ajuri Ngelale, the president’s special adviser on media and publicity, stated that the program’s initial phase will start with civil service employees before expanding to the general public.
The Managing Director and Chief Executive Officer (CEO) of the Corporation, Uzoma Nwagba, announced that 1.6 million people had expressed interest in obtaining loans when the site for the scheme’s first phase opened in May.
The date on which the applicants will receive their funds, the interest rates, and the length of the loans have not yet been disclosed by the Corporation.
Adding, it is anticipated that the plan will enable investments in housing, transportation, healthcare, and education—all essential for maintaining stability and achieving individual goals.
